Online shopping popular in emerging markets

Online shopping popular in emerging marketsA new survey from CBRE has revealed that online shopping has overtaken bricks-and-mortar retail as the most popular method of purchase in certain Asian markets, particularly for Generation Z.CBRE’s Asia Pacific Consumer Confidence Survey – How We Like to Shop Online, reports that whilst per cent of Asia Pacific consumers still physically visit a shop to make a purchase, in emerging markets such as China and India, the majority of respondents”76 per cent and 68 per cent respectively”utilise online shopping as their most commonly used method of making purchases. This is also the case in more developed markets of South Korea and Taiwan where 73 per cent and 55 per cent of consumers respectively, also said their primary method of making purchases is online.”For emerging markets, given the lack of quality retail space – particularly in lower tier cities – advances in technology and logistics networks mean that online retail is often the most efficient way for retailers to reach their customers,” says Jonathan Hsu, head of Occupier Markets Research, CBRE Asia Pacific.The ability to compare products without having to physically visit individual stores is another key factor for the region’s consumers when shopping online. This trend is more prominent in emerging markets such as Vietnam (64 per cent), China (61 per cent) and India (58 per cent) where quality shopping centres or shops are often located far from each other.Landlords and retailers in these markets need to be digital-savvy, says the report, keeping pace with the latest trends in smartphone applications and social media so they can build a stronger relationship with consumers especially those from Generation Z.To read the survey click here.